Insight Report Enhancing Europe's Competitiveness Fostering Innovation-driven Entrepreneurship in Europe June 2014 World Economic Forum 2014-All rights reserved.
REF 160614 In collaboration with A t. Kearney Fostering Innovation-driven Entrepreneurship in Europe 3 Contents Preface 3 Preface 5 Executive Summary 7 Section One:
A Life cycle Approach to Fostering Innovationdriven Entrepreneurship: Stand up, Start up, Then Scale up 11 Survey Results: Assessing Conditions for Innovationdriven Entrepreneurship across Europe 14 Stand up:
Fostering an Entrepreneurial Mindset and Culture across the Continent 18 Start up: Supporting the Establishment and Initial Expansion of Innovation-driven Ventures 24 Scale up:
The Collaborative Road to Sustainable Growth 32 Section Three: Perspectives from Policy-makers 44 Section Four:
A European Agenda to Foster Innovation-driven Entrepreneurship 50 Section Five: A Look ahead Opinion Pieces on the Future of Innovation 55 Conclusion 56 Endnotes 58 Further Reading 59 Acknowledgements 63 Project Team
If the culture of entrepreneurship in Europe were as robust and ambitious as that of Israel?
What impact would this have on Europe's economy and society? It is reasonable to assume that European output
putting at risk its outlook for productivity, growth, human capital development and job creation. This report, part of the World Economic Forum's Fostering Innovation-driven Entrepreneurship in Europe project, examines
what steps can be taken to fire up Europe's competitiveness and innovation capabilities by expanding the number and quality of serial entrepreneurs and fast-growing, scalable ventures.
It finds that, for a truly innovative Europe to compete successfully on the global stage as envisaged by the European commission's EU 2020 Strategy leaders from government,
and partner to improve conditions for innovative ventures at all stages of the entrepreneurial life cycle. As such, this report will be a useful contribution to policy-makers at the European and national levels,
The development of the project and this report have shone the light on the benefits of reducing fragmentation and increasing collaboration across different disciplines and stakeholders.
both by continuing to promote its work around innovation-driven entrepreneurship, and through a new research project focused on open innovation ecosystems in Europe.
We at the Forum hope you will join us to help realize better conditions for world-leading innovation in Europe, in line with the Forum's motto, Entrepreneurship in the Global Public interest.
Illustration of Challenges and Approaches to Fostering Innovation-Driven Entrepreneurship Source: Project Team F Innovation capabilities in Europe influence the Competitiveness Divide1 Innovation score:
Eurostat statistics on enterprises in the European union 1. Source: Entrepreneurship in the EU and beyond, European commission 2. Source:
Global Entrepreneurship and the Successful Growth Strategies of Early-Stage Companies, World Economic Forum A Life cycle Approach to Fostering Innovation-Driven Entrepreneurship:
Stand up, Start up, then Scale up A European Agenda to Foster Innovation-Driven Entrepreneurship 11 22 44 57 1 Innovation Fostering Innovation-driven Entrepreneurship in Europe 5 Executive Summary
Produced as part of the World Economic Forum's project Fostering Innovation-Driven Entrepreneurship in Europe,
this report addresses the challenge of lagging European performance with regard to the region's innovation capabilities and the conditions for scalable entrepreneurship.
As section one illustrates, this challenge includes persistent innovation divides between European economies as well as between Europe overall
and comparator economies such as the United states. The report suggests a forward-looking agenda designed to contribute to Europe's competitiveness
and growth by encouraging a robust environment of ambitious, serial entrepreneurs who envisage, create and scale innovation-driven ventures.
In addition to extensive inputs from the Forum's Members, Global Shapers, Young Global Leaders, Network of Global Agenda Councils and leading policy-makers across Europe, the findings in the report have benefitted from data gathered from over 60 structured interviews
and eight interactive workshops (convened in Bad Ragaz, Berlin, Brussels, Dalian, Davos, Geneva and London) as well as an online survey of entrepreneurs across Europe which gathered 1, 132 responses.
Fostering innovation-driven entrepreneurship in Europe requires a comprehensive view of the entire entrepreneurial life cycle. 1 Section two describes how the life cycle of an innovationdriven entrepreneurial venture can be divided into three phases stand up,
and the ability to create scalable entrepreneurial ventures Start up Gathering the resources to start a business,
with a particular focus on access to capital for entrepreneurs across the European union Scale up Enabling ventures to scale,
and jobs across the region Stakeholders have significant scope to positively influence external factors affecting each of these phases.
In each phase of the life cycle, challenges and examples of practices have been identified to foster entrepreneurship in such a way as to encourage serial entrepreneurs to interact meaningfully with other economic actors,
and to examine the factors that comprise a supporting environment for entrepreneurs to develop and scale ideas.
Policy-makers, business leaders and individuals are motivated significantly to improve the conditions for entrepreneurship in Europe. Section three summarises contributions from the highest levels of policy-making
The contributions show that public sector leadership are highly aware of the need to foster innovation-driven entrepreneurship,
and create better conditions for cross-stakeholder or cross-regional collaboration between different actors. In addition to policy-makers'ongoing efforts, private actors are very willing to contribute.
such as the provision of educational or financial opportunities for prospective entrepreneurs. Further, a number of leading multinationals are actively incorporating support for entrepreneurs into their business activities
in order to harness the innovation capabilities of new ventures and to engage with local communities in new ways.
To more effectively and efficiently support innovationdriven entrepreneurship in Europe, stakeholders need to focus, connect and partner.
Section four proposes a pan-European agenda for more effectively promoting innovation-driven entrepreneurship, designed to harness the potential of stronger private engagement with various private and public actors,
and overcome the challenge of geographical fragmentation affecting entrepreneurship initiatives across Europe. Three key elements of this agenda are relevant to the entire entrepreneurial life cycle:
More explicit criteria that can help stakeholders identify and invest in momentum-building entrepreneurship initiatives are needed.
Connect: In order to overcome the challenge of fragmented European markets and entrepreneurial support services, stakeholder need to create better and new connections across countries, sectors and programmes that meet key criteria.
A more transparent, inclusive and Europe-wide database and network of initiatives would greatly assist in promoting innovation-driven entrepreneurship. 6 Enhancing Europe's Competitiveness Partner:
Building on an enabling network, stakeholders must be encouraged and supported to collaborate and partner across initiatives, regions,
organization types and sectors to achieve scale and momentum for new ventures and ideas. Supporting the innovations of today in isolated sectors is not enough Europe needs to create ecosystems that will support innovations emerging in unconventional ways across government and business.
Entrepreneurial ecosystems are affected deeply by technological and cultural developments. As digital infrastructure and its applications for enterprises continue to develop,
the transaction costs of collaborations will decrease and the ability of different sectors to adopt new ways of working will increase.
Section five therefore presents two visionary pieces on the future of government and corporate innovation
laying the ground for further discussion on how Europe can prepare itself in the long term for successful innovation environments attuned to the breakthroughs yet to materialize.
This report aims to spur debate on the most effective ways to improve the enabling conditions for innovation-driven entrepreneurship across Europe.
and opportunities for promoting innovation-driven entrepreneurship in Europe. The Forum and its partners will continue to support this work,
Fostering Innovation-driven Entrepreneurship in Europe 7 Section One: How Innovation Capabilities Infl uence the Competitiveness Divide Despite signifi cant efforts to restore economic dynamism through macroeconomic interventions and structural reforms,
growth expectations remain tempered across advanced economies, and in the Eurozone in particular, where growth rates remain low and unemployment stubbornly high.
Europe continues to struggle to increase its competitiveness and set its economy on a more solid footing.
This is due, in part, to continued uncertainty about sections of the European fi nancial system, inadequate competition in the services sector and fragmentation of markets in key strategic sectors.
one of the key drivers of competitiveness for Europe, given its advanced stage of economic development and the imperative to focus its production on high valueadded, innovation-rich products and services.
many other European economies have much ground to cover. This result is confi rmed by the Forum's 2014 edition of the EU2020 Competitiveness Report
which indicates that Europe has the greatest gap with benchmark economies and the greatest divergence between its member states with regard to measures of smart growth, particularly with reference to the digital agenda and innovation.
This report aims to show how to further improve innovation capabilities in Europe by fostering innovative new ventures.
The Global Competitiveness Report 2013-2014 1 2 5 6 7 Institutions Infrastructure Macroeconomic environment Health and primary education Higher education and training Labor market efficiency
Defi ning Competitiveness The 12 Pillars of Competitiveness Institutions Higher education and training Technological readiness Infrastructure Goods market effi ciency Market size Macroeconomic environment
A Life cycle Approach to Fostering Innovation-driven Entrepreneurship: Stand up, Start up, Then Scale up 8 Enhancing Europe's Competitiveness Fostering Innovation-driven Entrepreneurship in Europe 9 Section Two:
A Life cycle Approach to Fostering Innovationdriven Entrepreneurship: Stand up, Start up, Then Scale up Innovation is driven by many actors,
including companies, academic institutions and individuals. Although some large corporations are strong innovators, small and medium enterprises (SMES) are frequently the source of ideas for products brought to market by large corporations. 4 In Europe,
SMES account for over 99%of all firms, two-thirds of jobs, eight out of 10 jobs net generated
or join a market innovator start-up or SME as an employee Start up Assessing the success factors for an entrepreneur in establishing an innovative organization and making it a viable venture,
in particular to be able to secure the required financial and human capital and increase the likelihood for the business to break even Scale up Assessing success factors in enabling a business to expand in terms of market access,
in particular identifying and realizing win-win opportunities for collaboration between market leaders and market disruptors Employment (2014e relative to 2008 level) Valueadded (2014e relative to 2008 level) 0. 9 1
and develop a venture. Network access refers to the availability of supporting partners, advisers and enablers who transfer know-how
and create opportunities for growth. Figure 4: A Life cycle Model for Entrepreneurship6 Source: Project Team For the purpose of this report,
services or business models, leading up to successful commercialization. Entrepreneurship is defined as the pursuit of opportunities beyond the resources you currently control. 10 Turning an innovative idea into economic activity creates companies, economic growth and jobs.
However, the entrepreneurial life cycle is designed not to end at the successful scaling of a venture. The goal of a healthy and robust entrepreneurial ecosystem is to foster serial entrepreneurs who persevere over multiple ventures and
upon achieving success, continue to support entrepreneurial activities as investors, mentors and role models. 11.2013/45764d 5 Promote starting a venture
or join entrepreneurs Improve access to capital for business foundation Identify and realize mutually beneficial partnerships Stand up Start up Scale up Serial entrepreneurship Individual factors Ecosystem factors 4 5 6 Regulatory framework Market framework Network access 1 2
3 Attitude Skills Cultural framework Phase: Focus area: Figure 5: Overview of Participants by Region;
n=1, 132 Source: World Economic Forum European Survey on Fostering Innovation-driven Entrepreneurship 2014 Figure 6:
Overview of Demographic Information Source: World Economic Forum European Survey on Fostering Innovation-driven Entrepreneurship 2014 Survey Results:
Assessing Conditions for Innovation-driven Entrepreneurship across Europe To better understand the motivations and external factors influencing European entrepreneurs and to test project hypotheses,
the Forum partnered with Research+Data Insights, Junior Achievement-Young Enterprise (JAYE) Europe, and the European Confederation of Young Entrepreneurs (YES) to survey a broad range of Europeans with experience
or interest in entrepreneurship. Conducted in February and March 2014, the online survey received 1, 132 responses from across Europe,
with additional responses coming from comparison regions such as North america (see Figure 5). Influenced by social media-driven outreach
and promoted through the Forum's Global Shapers Community and the networks of survey partners,
and 30%had considered starting a venture but not done it yet (see Figure 6). 20 25 17 14 12 12 Western europe (WE) Germany, Austria, Switzerland (DACH) Southern Europe (SE) Other Central and Eastern europe,
-60>60 2 33 19 30 5 13 I am currently running my own venture
64 Male Female Participants by gender(%)Participants by age group(%)Participants by background(%)Fostering Innovation-driven Entrepreneurship in Europe 11 After asking respondents about what influenced their motivation to engage in entrepreneurial activities
promoting entrepreneurship, starting a business, and scaling a venture. Overall across Europe, conditions were perceived most positively for the stand up phase,
with only 30%claiming that conditions were either very or somewhat unfavourable, and 54%stating they were either very or somewhat favourable.
when it came to conditions in their environment 66%said they perceive favourable conditions for stand up,
World Economic Forum European Survey on Fostering Innovation-driven Entrepreneurship 2014 When comparing the assessment of conditions between different countries and regions within Europe, Northern European countries (Denmark, Finland, Iceland,
Belgium, France, Netherlands, Republic of ireland and United kingdom), indicating a potential draw for entrepreneurs from these economies to Central and Eastern European (CEE) countries to take advantage of lower fixed
and labour costs when starting or scaling a venture. A country-wise split of results is given in Figure 9. Perceived conditions for stand up
World Economic Forum European Survey on Fostering Innovation-driven Entrepreneurship 2014 Figure 9: Conditions per Country and Life cycle Phase based on Countries with More than 20 Responses (average of responses;
World Economic Forum European Survey on Fostering Innovation-driven Entrepreneurship 2014 Southern Europe Central and Eastern europe, Turkey Western europe Northern europe Germany, Austria, Switzerland
1, 031 Overall average for North america 3. 8 3. 8 3. 7 36 Fostering Innovation-driven Entrepreneurship in Europe 13 Stand up:
Fostering an Entrepreneurial Mindset and Culture across the Continent 14 Enhancing Europe's Competitiveness Fostering Innovation-driven Entrepreneurship in Europe 15 It takes an entrepreneurial mindset to found a company,
or join an innovation-driven venture. Three core factors to foster entrepreneurial culture The decision to become an entrepreneur
or join an innovative entrepreneurial venture is complex. 13 This analysis focuses on three categories of individual factors that were highlighted in interviews and workshops:
A positive attitude towards entrepreneurship and risk as an enabler for selecting an entrepreneurial career with relevance throughout the process.
or interest in entrepreneurship revealed that the top three motivators to stand up are: to work independently
or Joining a Market Innovator The Six Influencing Factors of Innovation-driven Entrepreneurship Source: Project Team Interestingly,
%when looking at the opportunity cost of the decision, the same group said that relative to other career opportunities,
engaging in entrepreneurial activities is less attractive in terms of job security (64), %financial benefits (29%)and long-term career prospects (26%).
%Concern about financial benefits is greater among respondents potentially joining an entrepreneurial venture as an employee (37%)than those starting their own venture (29%.
%These results indicate that policy-makers might do well to focus on attracting new entrepreneurs by reinforcing the non-pecuniary benefits of innovationdriven entrepreneurship,
or joining a new venture. Challenges for promoting entrepreneurship Attitude: People are risk-averse and aim less for radical innovation Fear of failure is a key dimension frequently shown to be a roadblock for entrepreneurship,
and seems to be more prevalent in Europe than in other regions. 14 Studies have found evidence that the recent economic turbulence has resulted in entrepreneurs taking less risk overall.
For example, in the high-tech sector, it seems that entrepreneurs are inclined less to aim for radical innovation. 15 This is a key challenge,
as overcoming and learning from failure is crucial for successful entrepreneurship. Consider this: Employees of the Finnish start-up Rovio had developed 51 programmes, none
Impact Attitude Perceived reward/status of entrepreneurship Perceived risk Personality type Determination 1 Skills Markets/business intelligence Management skills Social skills Creativity
it is the quality of entrepreneurship that determines whether a company will become a multinational some years after foundation or not.
Entrepreneurship schools and universities Possessing the skills to found and operate a business is an important complement to the attitude of risktaking and perseverance that successful entrepreneurs display.
Entrepreneurship education is undergoing steady development in Europe, but there remains room for further expansion in primary, secondary and tertiary contexts.
which reveals that entrepreneurship education was one of the most meaningful forms of prior exposure to entrepreneurship for 54%of the respondents.
taken over one or are taking steps to start one NA You have the opportunity to take over your family business You thought about it
Entrepreneurship in the EU and Beyond, European commission stating: Investing in entrepreneurship education is one of the highest return investments Europe can make
Whether or not they go on to found businesses or social enterprises, young people who benefit from entrepreneurial learning develop business knowledge
and essential skills and attitudes, including creativity, initiative, tenacity, teamwork, understanding of risk and a sense of responsibility. 18 Cultural/Social framework:
which determines individual attitudes towards entrepreneurship, and how much support they get along the way. One aspect of this is the attention paid by Europeans to the possibility of a career as an entrepreneur.
and services that benefit everyone and 87%believe they create jobs, professionals (such as architects, lawyers,
meaningful experience that encouraged them to start their own venture. Early exposure to entrepreneurship, entrepreneurial thinking and peer-level success stories is
therefore key to transmitting an entrepreneur-friendly culture. As mentioned above this culture should also foster high levels of ambition,
Fostering Innovation-driven Entrepreneurship in Europe 17 Table 1: Practices in collaboratively promoting entrepreneurship and entrepreneurial careers, with examples Source:
Project Team Actors Leading initiatives to foster attitude, skills and cultural/social framework Leading initiatives to foster regulatory framework, market framework
and talent, promoting entrepreneurship by providing access to broad and dynamic networks and by influencing policy. 23 Publicprivate Public-platforms to connect private actors with schools and private universities to set up education programmes,
student projects or events to inspire talent with success stories Junior Achievement Young Enterprise Europe is Europe's largest provider of entrepreneurship education programmes.
Over 3, 500 companies in more than 30 countries have used IMP rove. 25 The European Forum for Entrepreneurship Research (EFER) has trained 472 professors in entrepreneurship,
organizes events and publishes regularly on entrepreneurship since its founding in 1987.26 Large-scale event series to promote entrepreneurship Global Entrepreneurship Week,
the world's largest campaign to promote entrepreneurship, inspires and connects potential future entrepreneurs. It has held approximately 35,000 events in 125 countries. 27 Bottom-up networks of entrepreneurs providing bottom-up policy support European Young Innovators Forum (EYIF) is building innovation ecosystems
in Europe by encouraging young Europeans to take more risks in innovation and entrepreneurship, and encouraging governments, businesses, society and individuals to support
and reward such risk-taking through policy frameworks and access to mentors, finance and markets.
reaching more than 500,000 participants. 28 Partnering across stakeholder groups to improve regulatory framework Start-up Europe was launched in March 2013 with a six-part plan to accelerate
and connect local entrepreneurship ecosystems in Europe, with a focus on tech start-ups. 29 The European Digital Forum is a first-of-its kind think tank dedicated to empowering tech entrepreneurs and growing Europe's digital economy..
30 Public Systematic entrepreneurship education throughout the curriculum, tailoring content to market needs Initiatives exist in a dozen countries on cooperation between education and business, entrepreneurial competitions, certification of entrepreneurship skills
and teacher training and support. 31 Comprehensive entrepreneurship programmes The Entrepreneurship and Innovation Programme under the European Competitiveness and Innovation Framework Programme (CIP) had a budget of € 2. 17 billion
and non-governmental organizations to improve entrepreneurship education, and the European SME Week with 1, 562 events across and beyond Europe in 2012.
and Initial Expansion of Innovation-driven Ventures 18 Enhancing Europe's Competitiveness Fostering Innovation-driven Entrepreneurship in Europe 19 Figure 12:
Availability of and access to capital Friends and family Regulatory framework 4 Network access 6 Market framework 5 Incubators Business Angels Availability of and access to capital Venture capital
Loans Loss zone Profit zone Start up: Supporting the Establishment and Initial Expansion of Innovation-driven Ventures In the second, start up phase of the entrepreneurship life cycle ecosystem factors play a crucial role.
This section focuses on access to capital as a key bottleneck in starting a company:
79%of Europeans specify access to finance as an issue preventing them from starting or expanding a business. 29
finance comes in a number of forms that differ in relevance and accessibility at different stages of a venture's growth.
frequently complemented by funds drawn from incubators and business angels. Venture capital is primarily available in Europe to ventures that are past the proof of concept stage,
while bank loans and other forms of growth capital require evidence of successful operation and profits that indicate future success at larger scales.
Even though major cities are booming, venture capital supply has decreased by 56 %since 2007 The EU is home to 19.0 million micro companies (those with less than 10 employees),
constituting the preponderant majority of the 20.6 million SMES in Europe in 2013.31 How many businesses are set up in a given period varies across Europe:
in Spain and Italy, fewer businesses were started in 2013 than in 2008, while France, Sweden and the United kingdom have experienced an increase. 32 However,
venture capital fundraising in the early and expansion stages amounted to only €3. 6 billion in 2012,
%This section examines the reasons for this contraction in access to capital in further depth,
venture capital and banks. 20 Enhancing Europe's Competitiveness The challenge of access to capital Mediocre long-term performance dampens capital supply
despite a number of recent success stories The quality of ventures demanding capital and the return expected of them in prevailing market conditions play a key role in determining access to capital.
but there is a lack of appetite to invest in entrepreneurial ventures as an asset class, partly due to a perception of low returns for investors.
venture funds reported an average internal rate of return of only 1. 27, %with the top quartile earning 18.49%.34 However,
in recent years the European venture capital segment has seen a number of notable successes such as Supercell and Spotify.
Many European venture capital experts say the sector is stronger than the long-term data indicate. Today
Matthias Ummenhofer, Head, Venture capital, European Investment Fund Figure 13: New Venture Funds Raised in Europe by Investors,
2007-2013 (Incremental Amount Raised Per year in Billion Euro and as a Percentage of Total) Source:
European Private Equity and Venture capital Association (EVCA) New VC funds raised in EU-28 (in bn. €), thereof:
and other asset managers Corporate investors Insurance companies Pension funds Banks Capital markets Academic Inst.//Endowments/Foundations Sovereign wealth funds Supply of business angel financing:
This is illustrated by the fact that the visible share of business angel investments only amounts to approximately 10%of the overall market estimate of €5. 1 billion for 2012.38 However,
project interviewees and workshop participants did not see the actual availability of business angel capital for seed
the primary focus was on the missing middle of financing larger-thantypical angel investments (up to around €500,
000) but smaller than the deal size typical of venture capital funds operating in Europe (from €3-5 million up).
39 In the aftermath of the crisis, government agencies provide a key share of venture capital As mentioned above
the supply of venture capital has seen a sharp decline in recent years. Part of it is linked to higher levels of risk aversion following the financial crisis as investors struggle with an increased regulatory burden. 39 This drop in private investment has seen the role of government agencies in venture capital raised from institutional investors increase from pre-crisis
activity of 14%in 2007 to 38%in 2013. A reliance on public funds in this way is not a good sign of the health of the venture market government agencies'financing volumes are limited typically in the case of the German Gruenderfonds, for example, to €500, 000 for the first round and up to
€1, 500,000 for follow-up rounds which can create ceilings for subsequent financing, thereby exacerbating the challenge of accessing growth capital. 40 Fostering Innovation-driven Entrepreneurship in Europe 21 The sources of financing for European venture funds differ strongly between European regions,
as shown in Figure 14. While in Germany, Austria and Switzerland (DACH), as in the United kingdom and Ireland, less than 20%of venture funds have come from government agencies,
such agencies have accounted for over 40%of venture funding in Central and Eastern europe. Banks are particularly important for venture funds in Southern Europe (22%of financing) and Central and Eastern europe (CEE)( 26%
Sources of Funds European Venture Funds by Region41 (Percentage of Total Incremental Fundraising, 2007-2013) Source:
European Private Equity and Venture capital Association (EVCA) Figure 15: Imbalance between Seed and Follow-on Rounds by Number and Region Source:
European Private Equity and Venture capital Association (EVCA; National Venture capital Association/Thomson Reuters Europe's next challenge is to increase the number of highgrowth businesses receiving financing rounds Further financing challenges appear
when start-up businesses attempt to scale their activities. Comparing seed/start-up/early-stage rounds with follow-on rounds between the United states and Europe in Figure 15,
but the extent of the difference between Europe and the United states does indicate greater difficulty in accessing growth capital in Europe. 42 17 23 31 35 43 29 30 21 9 6
individuals Fund of funds/other asset managers (including PE houses other than fund of funds) Corporate investors Insurance companies Pension funds Banks Capital markets Academic institutions/Endowments and foundations
. 0 United states Sweden Finland Luxembourg United kingdom Netherlands India Access to venture capital Access to bank loans Belgium Slovenia Portugal Croatia Spain Romania Lithuania
Increased demand for collateral after the economic crisis restricts access to bank loans for entrepreneurs The European Small Business Finance Outlook 2013
and The Global Competitiveness Report 2013-2014 show that the financial and economic crisis continues to impact capital supply by influencing financing
In particular, greater demand for collateral by banks has made it more difficult to access credit. 43 In some countries
such as the United kingdom, potential difficulty with access to bank loans is alleviated by easier access to venture capital.
and venture capital reflects Europe's competitiveness divide, with Northern European countries being among global leaders in access to venture capital and loans.
The growing number of legislative initiatives in the wake of the financial crisis has amplified the burden for longterm investors.
and insurance companies out of European long-term equity financing, impacting private equity and venture capital. André Loesekrug-Pietri
Access to Venture capital and Bank Loans in EU-28, the United states and BRIC Countries (Brazil, Russia, India, China), Average of Survey Respondent Scores per Country Survey questions:
Access to venture capital: In your country, how easy is it for entrepreneurs with innovative but risky projects to find venture capital?(
1=extremely difficult, 7=extremely easy; Access to bank loans: In your country, how easy is it to obtain bank credit with only a good business plan and no collateral?(
1=extremely difficult, 7=extremely easy) Source: Global Competitiveness Index 2013-2014 Fostering Innovation-driven Entrepreneurship in Europe 23 Table 2:
Practices to Collaboratively Promote Access to Capital, with Examples Source: Project Team Financing phase Actors Seed/early stage Later stage
and expansion stage Private Focusing on private actors The European Business Angel Week will increase visibility of angel investments;
140 events were held in 34 countries in November 2013.44 Using crowdfunding. In a large number of emerging platforms, both funding needs
and funding purposes are communicated through an open call to a forum the crowd. In 2012, global crowdfunding reached $ 2. 7 billion raised
(of which some 44%was lending and 4%equity). Global crowdfunding grew 81%in 2012, accelerating from 64%growth in 2011,
while European crowdfunding volumes grew slower 65%to $945 million. 45 At the current market development stage,
due diligences for lending and equity crowdfunding can be an issue due to the low market power of individual investors. 46 Offering alternative instruments to classic loans Intermediated disintermediation Setting
up mini-bonds, e g. of €10 million volume, which are accessible to medium-sized companies
Chief executive officer, Illycaffè Publicprivate Rethinking the role of public entities as co-investors joining private investments Co-investment funds provide 1) the opportunity to invest in larger companies
and 2) increased potential to diversify investment amounts. Take the EBAN/EIF collaboration between business angels and the EIF, for example.
In Portugal, business angels invested €2 million on average prior to the launch of a co-investment initiative;
afterwards, the average investment became €11 million. In the United kingdom, the Scottish Co-Investment Fund (SCF) is a £72 million equity investment fund.
In venture capital, for example, the fund invests £0. 5-2. 0 million in deals of £2-10 million.
The fund operates at minimal cost on a fully commercial basis. Offering combined support services
and financing A growing number of European accelerators and incubators can combine financial support with networking, mentorship and physical space for entrepreneurs.
A recent study by Telefonica indicates that over the past five years, the number of incubators and accelerators has increased at an annual rate of 29%to an overall number of 260 start-up programmes in Europe,
compared with around 200 in the United states.****Incubator: provision of physical space, usually without funding but with mentorship network, informal event programmes, consulting services, investor exposure and public funding links.
Accelerator: provision of pre-seed investment, usually taking a minority share in the start-up; start-ups profit from both events and mentoring.
Source: Salido, Sabás and Freixas (2013), The Accelerator and Incubator Ecosystem in Europe, Telefonica. Creating and aligning partnerships between companies,
universities and research organizations Finland is a leading country in innovation cooperation between companies and the research sector.
In SMES, an investment of €1 by Finland's funding agency Tekes produces €21 of turnover annually;
for every euro invested by Tekes, companies increase their own R&d expenditure by two euros.
A total of 47 of the 50 fastest growing companies in Finland are Tekes customers.
These successes are linked not to higher spending; in relation to gross domestic product, public funding for R&d activities in Finland is compared 3
with 7%on average in the EU and 14%in the US. 48 We need to strengthen access to capital across the region beyond the early stage by creating a partnership between public and private investors in a new European fund-of-funds for venture capital Dörte Höppner, Chief executive,
The European Private Equity and Venture capital Association (EVCA) We need more of a pan-European mentality, both on the investor's and on the entrepreneur's side.
Karen E. Wilson Senior Fellow, Bruegel, and Organisation for Economic Co-operation and Development (OECD) Public Reducing costs for entrepreneurs49 We invest in the business environment to create a feeling of opportunities.
Ali Babacan, Deputy Prime minister of Turkey The Turkish state reduces taxes for techno parks eligible businesses do not have to pay income
The Collaborative Road to Sustainable Growth 24 Enhancing Europe's Competitiveness Fostering Innovation-driven Entrepreneurship in Europe 25
Antony Jenkins, Chief executive officer, Barclays Microsoft is actively working to provide opportunities for European SMES and start-ups by providing access to digital tools,
and thus contribute to fuelling the European economy. Jan Mühlfeit Chairman, Europe, Microsoft Corporation Benefit for large corporates Benefit for entrepreneurs Risk to one or both partners Company shares in high-potential entrepreneurial ventures Access
to finance Loss of reputation if collaboration fails, loss of investment/independence Ideas/concepts, possibilities to test ideas quickly and outside complex structures, access to technology, rapid prototyping Commercialized innovation in an accelerated process IP
ownership, disputes, issues Specialized talent and resources Access to talent and resources Loss of talent or resources Specific partner network Access to business partners,
opportunity to demonstrate capabilities and to create success cases for marketing Branding issues Specific customer intelligence,
The Collaborative Road to Sustainable Growth For Europe to realize the potential of its innovative entrepreneurial ventures,
the ventures must scale well beyond simply being viable, local businesses employing a handful of people and serving a small customer base.
collaborative strategies enable win-win situations for both partners while offering potential for the start-up partner to profit from the resources and backbone of the large corporation partner.
This section therefore examines the potential within Europe to foster collaborations that enable the scaling of innovative ventures to the benefit of all parties concerned.
Project Team Collaboration between large market-leading corporations and innovators can create opportunities throughout the value chain.
and evaluate future business opportunities. Negotiating and fixing contracts needs to offer mutual benefits within a lean process to accelerate progress with innovation projects as compared to a purely internal effort.
World Economic Forum European Survey on Fostering Innovation-driven Entrepreneurship 2014 Innovation funnel Ecosystem influencing factors Individual influencing factors 1 3 Attitude Skills
and profit from corporate search fields for innovation Entrepreneur perspective Large corporate perspective I Develop culture
%246 29%59 7%32 4%Transparency and visibility of opportunities for collaboration 83 10%255 30%249 29%186 22%42 5
respondents to the Forum's survey on innovation-driven entrepreneurship had partnered with a large corporation or organization in a former venture.
Respondents report that a lack of transparency and visibility of opportunities (39), %a weak culture of collaboration (34%)and the difficulty of setting up and operating collaborations (32%)inhibit this type of partnership.
they would improve opportunities to bring ideas to market (80), %to access customers outside local markets (69)
%and to access finance (68%).%Specific challenges per dimension are shown in Table 4. Fostering Innovation-driven Entrepreneurship in Europe 27 Table 4:
Challenges Guiding Entrepreneurs and Large Corporations in Partnerships Source: Project Team Dimension Challenges for large corporates Challenges for entrepreneurs Defining strategy for innovation and collaboration Defining and publicising search fields As a first step,
Know of and profit from corporate search fields for innovation Entrepreneurs in start-ups/innovative SMES need to be proactive to monitor how far their activities are relevant for large partners,
From an organizational perspective, developing a specific structure and processes to institutionalize collaboration is crucial to systematically realize opportunities e g. by creating separate units for venturing or R&d collaboration.
and monitoring degree of openness The not-invented-here syndrome that leads to external work being seen as competition
Securing IP rights can form the basis of unique innovation-driven business models. Marketing and sales activities related to the results of the collaboration need to be considered as early as possible so as to allocate resources accordingly. 28 Enhancing Europe's Competitiveness Boosting collaboration is about systematically identifying win-win situations for both sides.
Martin Vollmer, Chief Technology Officer, Clariant Developing culture and organization Promoting an R&d setup with specific organizational structures integrating employees, partners and customers Barclays Open Innovation:
56 Phonebloks'aim is to develop a modular cellular phone to provide the opportunity to change, for example,
Project Team Fostering Innovation-driven Entrepreneurship in Europe 29 Dimension Practice/example Developing culture and organization (continued) Ensuring senior executive support for external collaborations BT
Services & Operations Chief Architect. This senior level sponsorship provided access to the right operational teams,
Running an entire division aimed at providing digital services to UK SMES helps senior executives understand the perspective of smaller companies
and willingness to realize opportunities. Thomas Müller-Kirschbaum, Corporate Senior vice-president, Research & development/Sustainability, Henkel Large corporations need to internally promote the benefits of collaborations with startups to help the organisation foster these kinds of opportunities.
Miles Kirby, Managing director of Qualcomm Ventures, responsible for investments in Western and Eastern europe To systematically foster collaboration between large companies and entrepreneurs we have to start with specific topics e g. 3d printing around
which co-creation can happen. We are not lacking good ideas we are not lacking potential cooperation opportunities.
Large companies can provide the challenges and can provide the market needs to give those ideas a direction.
The CEO-Collaborative Forum (CEO CF) is where CEOS from high-growth companies convene to explore practical solutions to critical problems about finance, raising capital, shareholder issues, their board growth strategies
whether that means procurement (corporates buy products and services from startups), strategic investments and eventually acquisition. 56 Finding the right entry point
Young Global Leader Building a database and evaluating data with a clearly defined process Google Ventures uses algorithms with data from academic literature or from due diligences.
It is important that we bring something more to the table than investment and scalability potential for the innovations being developed by them.
In this new phase in our venturing and open innovation efforts we want to become a magnet for innovation that attracts partners.
Jorge Fernandes, Vice-president, Innovation Program Office, DSM Telefonica Wayra is an accelerator programme with a strong brand and a global approach.
Managing director, Global Affairs and New Ventures, Telefonica; Young Global Leader Getting to a draft contract needs to be a question of days,
not months otherwise the opportunity to accelerate processes is turned into a risk. Fridolin Stary, Senior vice-president, Research and development, Wacker Chemie Fostering Innovation-driven Entrepreneurship in Europe 31 Dimension Practice/example Developing collaboration and exploiting results Being adaptable to the needs
of the partner, developing ongoing mutual benefits and safeguarding IP rights as a basis for a future-proof business model ABB/Fastned:
61 ABB delivers multi-standard 50 kw fast chargers for electric vehicles and industry-leading software solutions for remote servicing.
know-how and a network to take the product to customers at a global level. Both parties participate in commercialization of the project through a profit-sharing agreement.
Perspectives from Policy-makers Fostering Innovation-driven Entrepreneurship in Europe 33 Section Three: Perspectives from Policy-makers A fresh view on successes and future challenges in fostering entrepreneurship To gain a deeper insight into national and regional priorities,
as well as the focus areas for policies relevant to innovationdriven entrepreneurship, the World Economic Forum conducted interviews with a wide range of leading European policymakers from member states and the European commission.
This section showcases selected results from four areas of discussion: The role of innovation-driven entrepreneurship in the economy:
Which role does driven innovation entrepreneurship play for your economy? Could you estimate what proportion of SME employees in your country are working in innovation-driven SMES?
A recent success in fostering entrepreneurship: Which recent success in improving conditions for innovation-driven entrepreneurship in your country would you like to highlight?
Current and future challenges of high priority on the policy agenda: What are the key challenges faced by entrepreneurs in your country?
Key activities on an agenda to foster innovation-driven entrepreneurship in Europe: What should policy-makers be doing?
What activities by other actors will be crucial to support policy-makers in improving the environment for innovation-driven entrepreneurship?
In general, policy-makers highlighted the important role of entrepreneurship for the European economy. Key activities on the policy agenda include steps to tailor education to the needs of entrepreneurial careers,
interventions to improve access to finance, labour market interventions to improve access to talent, and projects to improve framework conditions for crossstakeholder or cross-regional collaboration between various actors.
Daniel Calleja Crespo Director-General, Enterprise and Industry Directorate-General, European commission Neelie Kroes Vice-president and Commissioner for the Digital Agenda, European commission Mark Rutte Prime minister
of Finland António Pires de Lima Minister of Economy of Portugal David Willetts Minister of state for Universities and Science of the United kingdom Figure 19:
Selected Policy makers Contributing to the Report (in alphabetical order) 34 Enhancing Europe's Competitiveness Daniel Calleja Crespo Director-General, Enterprise and Industry Directorate-General, European commission The role of innovation
-driven entrepreneurship in your economy: More than 20 million SMES in Europe have a key role to play in fostering innovation.
and to adapt easily to the needs of their customers. It is no surprise that innovative SMES are the main driver for growth.
A recent success in fostering entrepreneurship: Supporting business scale up is a big challenge in many smaller markets.
In this context, a new regulation on venture capital funds has been approved recently: fund managers can now have a European passport and market their funds across the EU. Current and future challenges of high priority on the policy agenda:
Every European region needs an environment conducive to business start-up and successful in mobilizing talent.
Key activities on an agenda to foster innovation-driven entrepreneurship in Europe: Within the new 7-year European research and innovation programme, Horizon 2020, around €3 billion will be spent specifically on innovationdriven entrepreneurship in start-ups and established enterprises.
Funding will be channelled to innovation projects supported by a convincing business plan. Projects could be between €0. 8 and €3. 0 million,
of which up to 70%could be provided as a grant. These are amounts large enough to bridge the Valley of Death
but the projects would still require substantial investments from other sources. Under Horizon 2020, about €140 million is expected to be allocated until 2020 for Cluster facilitated projects for new industrial value chains
The new programme for the Competitiveness of Enterprises and SMES (COSME) running from 2014 to 2020 with a planned budget of €2. 3 billion will continue to provide guarantees
and venture capital to SMES and will work in conjunction with Horizon 2020. In early 2013, the Commission launched a public consultation on how to foster the supply of long-term financing
such as dedicated SME markets, securitization, transparency of information between banks and SMES, and crowdfunding. Based on the public consultation, the Commission proposed specific actions in March 2014 to stimulate new and different ways of unlocking long-term financing.
Fostering Innovation-driven Entrepreneurship in Europe 35 Toomas Hendrik Ilves President of Estonia The role of innovation-driven entrepreneurship in your economy:
Innovation-driven entrepreneurship is seen as a key driver of growth for the years to come.
The recently adopted‘Estonian Entrepreneurship Growth Strategy 2020'marks innovative enterprises as a key target group.
In our terminology, they are called‘growth clients'emerging and fast-growing ambitious enterprises. For emerging enterprises it means that by the end of the second year of operation their estimated annual sales must exceed €200,
000 and their export intensity must be at least 25%.%Today, there are almost 2, 600 enterprises meeting these criteria.
Our main task is to help them increase their innovative skills, enhance development activities and help them enter exports markets.
A recent success in fostering entrepreneurship: Enterprise Estonia has established a network of salaried professional export advisers residing in major target markets,
who provide advice and market information, as well as assistance in finding export partners. The service is partially free (initial advice) and partially for a fee (partner search and market research.
The growth outlook and ambitiousness of enterprises is expressed by entrepreneurs'expectations concerning the increase in employee numbers as well as their ambitions on the international market.
expectations of early-stage enterprises concerning a fast increase in employee numbers (i e. more than 10 employees in five years and over 50%of growth) are lower,
Key activities on an agenda to foster innovation-driven entrepreneurship in Europe: Enterprise Development Programme:
An all-in-one policy instrument, based on strategic client management by Enterprise Estonia, providing coaching and grants to individual enterprises for activities ranging from R&d and innovation to export marketing Cooperation programmes (focusing on smart specialization areas):
Incentivizing co-creation, including programmes to support innovation clusters Entrepreneurship promotion: Promoting entrepreneurship as a career choice and raising general awareness on entrepreneurship Start-up Estonia programme:
Promoting the creation and growth of enterprises with global ambition Venture funds: Including a fund of funds of €120 million for business angel co-investment, venture capital and expansion capital (of this,
€60 million is public money). In addition, the Baltic Innovation Funds (for Estonia, Lithuania and Latvia) has a volume of €200 million for later stage and bigger investments
(of which €100 million is public money). Figure 20: Toomas Hendrik Ilves, President of Estonia, delivering his speech at the project workshop during the World Economic Forum Annual Meeting 2014 36 Enhancing Europe's Competitiveness Jyrki Katainen Prime minister
of Finland The role of innovation-driven entrepreneurship in your economy: Innovation-driven entrepreneurship is one of the key focus areas in the Finnish government's economic policy.
Most of the economic policy measures that the government takes include the aspect of supporting innovation.
Forty-six per cent of all Finnish enterprises had innovation activity related to products and processes in 2008-2010.
The number of innovative high growth companies that grow over 20%a year during a three-year period is approximately 200-300.
These companies could be seen as truly‘innovation-driven'companies. Innovation expenditure reported by enterprises totalled €7. 3 billion in 2010.
A recent success in fostering entrepreneurship: The Vigo accelerator programme for innovative, high-growth companies has attracted a great deal of direct foreign investment in Finnish start-ups.
For instance, the flagship enterprise Supercell received a €1 billion investment from Japanese investors. This proves that the quality of deal flow has improved.
Several Vigo teams have raised also their own small-scale funds. Current and future challenges of high priority on the policy agenda:
There is still a lot to do for streamlining public services for companies, and the capital market needs support (public financing).
One of the biggest challenges is to harness the potential of Finland's high R&d input (3. 55%of GDP in 2012) into successful entrepreneurship.
The access to finance of early-phase start-ups is always problematic and there is still a funding gap.
Key activities on an agenda to foster innovation-driven entrepreneurship in Europe: The overall policy is that the government encourages Finnish companies to seek new growth markets
and to renew their businesses through public incentives and services. Innovation policies are at the core of this process.
The government support system for enterprises is easy and simple to use, and the taxation base is broad and simple for companies and supports growth entrepreneurship.
The goal is that Finland should have one of the best framework conditions for entrepreneurship and high growth enterprises in the world.
Figure 21: Jyrki Katainen, Prime minister of Finland, delivering his speech at the project workshop during the World Economic Forum Annual Meeting 2014 Fostering Innovation-driven Entrepreneurship in Europe 37 Neelie
Kroes Vice-president and Commissioner for the Digital Agenda, European commission The role of innovation-driven entrepreneurship in your economy:
It's quite simple it's about growing the economy and solving our social challenges.
If we just do the same things over and over again, or just open corner shops, then we will have limited artificially growth
and we will be stuck with some real social problems. A recent success in fostering entrepreneurship: I'm not sure there are any government-led major successes. The crisis has forced more people to be entrepreneurs,
so that is a silver-lining on what has otherwise been a terrible time. The internet generally is a platform that has reduced massively barriers to being an entrepreneur.
And the European commission and existing entrepreneurs are also working to change the culture and the atmosphere of debate around entrepreneurship.
Key activities on an agenda to foster innovation-driven entrepreneurship in Europe: The Startup Manifesto by leading European entrepreneurs is a great road map for changes we can all make.
Sass Larsen Minister for Business and Growth of Denmark The role of innovation-driven entrepreneurship in your economy:
Entrepreneurs play a key role in securing competition and innovation in the economy. In recent years innovation-driven entrepreneurship has become an important part of Danish policy.
In December 2012 the Danish government published a national innovation strategy,‘Denmark A Nation of Solutions'.
'A recent success in fostering entrepreneurship: In 2009, the Danish Foundation for Entrepreneurship launched a national strategy for entrepreneurship in education and training.
A result of this is an increase in entrepreneurship courses embedded in the education system from 8%in 2009-2010 to 15%in 2012-2013.
Impact measurements from the foundation show a high, positive view in students'intentions and attitude towards entrepreneurship.
Current and future challenges of high priority on the policy agenda: As in many other countries, innovative Danish entrepreneurs can find it difficult to finance their business projects.
including loans, guarantees and venture investments, to help tackle the issue. Furthermore, the Danish regions are exploring the opportunity to include successful serial entrepreneurs and professionals from large, existing companies in networks for entrepreneurs with particular potential.
These networks are to build competencies and help entrepreneurs attract finance. Key activities on an agenda to foster innovation-driven entrepreneurship in Europe:
The Danish Ministry of Business and Growth has announced that the access to equity finance, as opposed to loans,
Among other things, we wish to further explore the opportunities for working with the Danish pension sector to provide capital to high-potential SMES and start-ups.
and act as an engine for innovation in the global knowledge economy. Open and innovative large companies play a vital role in the emergence and development of entrepreneurial ecosystems.
This should be supplemented by a highly developed market for venture capital, being the second cornerstone, and a strong link between knowledge institutions and the private sector as the third cornerstone.
Fostering Innovation-driven Entrepreneurship in Europe 39 António Pires de Lima Minister of Economy of Portugal The role of innovation-driven entrepreneurship in your economy:
Innovation-driven entrepreneurship played a central role during the recent period of strong economic adjustment,
the Portuguese economy suffered structural changes: becoming a highly exporting, increasingly innovative and entrepreneurial economy.
Our exports have grown significantly (at the fastest pace in EU15, and have increased their technological profile).
and entrepreneurship is the driving force behind employment and job creation in Portugal. A recent success in fostering entrepreneurship:
Portugal has been referenced as a country with complete incentive support schemes for innovation and entrepreneurship by providing a well-balanced mix of financial (direct and indirect) and nonfinancial measures specifically tailored to cover every phase of the innovation value chain.
More recently, the government launched a set of incentive measures. The corporate tax reform introduced a simplified reporting system for SMES, a reduced tax rate for companies with reduced profits,
and a set of dedicated instruments to support patenting activities by firms. The revision of the tax incentive system to business R&d had extended its timeframe
The new Tax Investment Law will introduce radical policy measures, such as 0%corporate tax rate for start-ups in the first three years of operation and a 6%bonus on technology innovation activities.
Portugal still struggles to extract economic value out of its scientific excellence, and Portuguese business innovation lags behind its European peers in technological outputs of the innovation effort.
we need to increment alternative sources of capital to finance entrepreneurship, and we must act decisively in nurturing the best investment environment possible.
Against this background, the government recently launched its Industrial Development Strategy for Growth and Employment, introducing an assertive agenda along three key intervention areas (human capital, R&d and financing),
and we will invest over €6, 000 million in R&d, innovation and SME competitiveness (2014-2020.
Key activities of an agenda to foster innovation-driven entrepreneurship in Europe: Recognizing that the importance of the innovation-driven entrepreneurship phenomena is transnational, Portugal, Spain and Italy,
with the express support of the EU Vice-president for Industry and Entrepreneurship, are closely collaborating to jointly develop an economic and industrial policy agenda for the South of Europe.
We will need a bolder attitude in implementing a convergent growth model, both through national and regional policies as well as a coordinated effort on a European level, in particular through the EU Competitiveness Council.
The adequate promotion of a consistent innovation-driven entrepreneurship policy requires us to focus on five defining factors to successfully reindustrialize Europe:
and an enabling business regulatory environment. 40 Enhancing Europe's Competitiveness Mark Rutte Prime minister of The netherlands The role of innovation-driven entrepreneurship in your economy:
Innovation-driven entrepreneurs introduce new products, new services and new methods, thereby making a significant contribution to the Dutch economy.
Among the innovation-driven economies in the EU-28, The netherlands is the most entrepreneurial economy in terms of new and nascent entrepreneurship according to the Global Entrepreneurship Monitor.
A recent success in fostering entrepreneurship: Recent successes by The netherlands in improving the conditions for innovation-driven entrepreneurship are the top sector approach, valorization grants and an action plan for skilled technical workers.
The top sector approach focuses on nine sectors that are highly competitive in the global market.
These sectors are stimulated to remain highly competitive by intensifying cooperation between knowledge institutions, the government and entrepreneurs.
the ambitious entrepreneurship programme has been developed. The programme tries to identify and reduce barriers to growth
Key activities on an agenda to foster innovation-driven entrepreneurship in Europe: The Dutch government is actively pursuing measures that should better enable high-potential companies to realize their potential.
This has been achieved with a new Dutch Venture Initiative for scaling up successful businesses and a new instrument aimed at the proof-of-concept phase.
Valorization and entrepreneurship education will be provided fully at knowledge institutions. Entrepreneurship education will focus more on entrepreneurial skills.
Access to The netherlands: High potentials and innovation-driven entrepreneurs are expected to be able to obtain a one-year visa for The netherlands this year.
Diminishing the barriers to entrepreneurship and growth. Our long-term aim is to develop a functional ecosystem for ambitious entrepreneurs,
with good opportunities for high potentials to become entrepreneurs and realize their growth potential. The Dutch government is committed to seeking opportunities to optimize the framework conditions to better accommodate the needs of high-potential firms.
To achieve this, there is an ongoing dialogue with the relevant stakeholders to discuss factors that hamper growth
and to identify policy actions and other measures that can facilitate it. Fostering Innovation-driven Entrepreneurship in Europe 41 Bohuslav Sobotka Prime minister of the Czech republic The role of innovation-driven entrepreneurship in your economy:
Innovation-driven entrepreneurship is one of the most important drivers for sustainable development of the economy in the Czech republic.
This is reflected in several strategic initiatives (esp. the National Reform Programme, National Innovation Strategy and International Competitiveness Strategy),
A recent success in fostering entrepreneurship: The most important success can be seen in the rising awareness in the society,
including the media, of the relevance of entrepreneurship which should motivate more individuals to start their own company.
A recent success especially for innovation-driven entrepreneurship can be seen in the enlargement of support activities by the government with programs such as the Czechecosystem that offers coaching schemes for hightech start-ups
and growth companies to explore international opportunities e g. in Silicon valley. Current and future challenges of high priority on the policy agenda:
Key challenges that firms face include the need for effective collaboration and better mutual understanding between public research and enterprises, effective use of existing science and technological infrastructure,
Another difficulty seen by enterprises is increasing cost and impaired access to funding. However, the problems faced relatively differ among enterprises of different sizes, in particular, with micro entrepreneurs seeing easier access to funding as absolutely crucial.
Almost 25%of them highlighted this problem. With the growing size of an enterprise the importance of this issue decreases while the relevance of other difficulties increases, including severe competition, availability of skilled employees and managers,
and cost of production and labour. Key activities on an agenda to foster innovation-driven entrepreneurship in Europe:
Key activities in relation to innovation-driven entrepreneurship can be seen mainly in a better motivation and support of a) the foundation of innovation-driven start-ups and b) a better motivation of SMES to enhance
and enlarge their innovation activities. The government also plans to establish new programmes using financial instruments
and investment funds to improve SME and start-up access to funding. The enhancement of the general image of entrepreneurs in the Czech society will be crucial.
This needs the cooperation of several stakeholders, mainly the media, but also other actors who can motivate highly-skilled people to found an innovation-driven company,
The improvement of commercialization activities by academic spinoffs or of the situation for seed and early-stage financing for technology-intensive ventures,
and growth of entrepreneurial ventures of different groups of entrepreneurs within the country and offers targeted support for each of these groups,
e g. for academic spin-offs. 42 Enhancing Europe's Competitiveness David Willetts Minister of state for Universities and Science of the United kingdom The role of innovation-driven entrepreneurship in the economy:
Over time, on an economy-wide scale, innovation has contributed as much as 70%to the UK's economic growth.
In 2012,43%of SMES had introduced new or significantly improved products or services over the past year.
A recent success in fostering entrepreneurship: In 2011,27%of small business innovators considered the nonavailability of finance a significant obstacle to innovation.
In 2013, it supported over £650 million of total lending and investment. Current and future challenges of high priority on the policy agenda:
including the economy, taxation, regulations, competition and cash-flow issues. There were also a number of barriers that innovative SMES experience over and above those that do not innovate:
The inherent risk of innovation, quoted by 22%of small firms The direct cost of innovation,
Key activities on an agenda to foster innovation-driven entrepreneurship in Europe: The UK government's Small Business:
Fostering Innovation-driven Entrepreneurship in Europe 43 Section Four: A European Agenda to Foster Innovationdriven Entrepreneurship Focus Connect Partner 44 Enhancing Europe's Competitiveness Fostering Innovation-driven Entrepreneurship in Europe 45 Section Four:
A European Agenda to Foster Innovationdriven Entrepreneurship The need for a coherent European agenda: focus, connect and partner A comprehensive approach to fostering innovation-driven entrepreneurship in Europe requires addressing the key challenges across all three of the stand-up,
start-up and scale up phases. Building on input from policy-makers, 10 hubs of the World Economic Forum's Global Shapers Community across Europe (a distinguished group of under-30 year-olds from diverse backgrounds), civil
society organizations, academia, and corporate representatives, opportunities in three main categories emerge: Focus: Identifying and specifying explicit criteria for recognizing
and investing in momentum-building entrepreneurship initiatives Connect: Developing a transparent, inclusive, Europe-wide database and network of initiatives for entrepreneurship Partner:
Developing entrepreneurship initiatives that achieve both scale and momentum by connecting stakeholders better Together, focusing stakeholders on what works at scale,
connecting actors and developing effective partnership approaches can lead to a more integrated innovation ecosystem that can contribute to growth in European industries
and regions. 64 This section presents an overview of the core ideas within the focus,
connect and partner agenda, then explores how these ideas can be applied to the different life cycle phases.
and investing in momentum-building entrepreneurship initiatives Working towards the goal of a more integrated innovation ecosystem in Europe requires an active discussion on the criteria required to assess the effect of ongoing entrepreneurship initiatives in the region.
Any beneficiary should commit to giving something to a new venture so as to pass on the momentum
Europe-wide database and network of initiatives for entrepreneurship Establishing a visible, inclusive network of public and private initiatives is considered to be somewhat important or very important by 89%of survey participants (Figure 23).
including representatives of schools, civil society, universities, business angels, accelerators, incubators, venture capitalists and corporate intrapreneurs.
This poses difficulties for not only for those seeking mentorship but also those wishing to impart mentoring services as well as those trying to bring together different mentoring initiatives.
A network connecting entrepreneurship initiatives could lower this kind of transaction cost and improve transparency. Figure 23 Agenda to Foster Innovation-driven Entrepreneurship:
Connect and Partner; n=805 Source: World Economic Forum European Survey on Fostering Innovation-driven Entrepreneurship 2014 Partner:
Potential to improve collaboration between entrepreneurs, universities, large companies and academic institutions within your country(%)Connect:
inclusive network of public and private initiatives designed to support entrepreneurship across Europe(%)59 29 7 1 2 1+89 No opinion Very low potential Very high potential
Somewhat high potential Neutral Somewhat low potential 35 44 10 6 80 1 3 46 Enhancing Europe's Competitiveness Primarily providing infrastructure for decentralized communication and exchange,
needs, preferences and locations of relevant stakeholders, including entrepreneurs, interested businesses, civil society stakeholders, investors and potential mentors.
Emerging examples of resources and partnership networks are detailed below. Partner: Developing entrepreneurship initiatives that achieve both scale
and momentum by connecting stakeholders better The ultimate goal of this report is integrated a more European innovation ecosystem that supports serial entrepreneurs.
Increasing transparency across relevant activities and support services should therefore be complemented and followed by active partnerships between stakeholders.
Linking stakeholders and programmes across countries, sectors, industries and areas of focus can help activities that produce tangible results achieve greater scale and momentum.
Fully 80%of project survey participants see significant potential to improve the level and impact of collaboration between entrepreneurs, universities, large companies and academic institutions (Figure 23.
Connecting and partnering to help entrepreneurs stand up As highlighted above, many Europeans seem to lack the attitude
and universities to focus on the skills that entrepreneurs require. 55%said it is very important to provide more opportunities for potential entrepreneurs to obtain practical experience in an innovative business or start-up.
and generally foster positive individual and societal attitudes towards entrepreneurship. A key opportunity to create awareness of opportunities exists in entrepreneurship schools and universities.
Strengthening this connection has an effect for both the next generation labour force and the education system. Teachers and professors can be trained as entrepreneurship developers to inspire
and encourage potential entrepreneurs to take action. Entrepreneurship can be shown as the ability to navigate increased complexity, overcome career barriers,
and more closely leverage personal strengths. Moreover educational institutes provide a good opportunity to measure entrepreneurial attitude in a forward-looking way by assessing children's mindset in school.
Starting with local networks between schools, universities and entrepreneurs, this type of intervention could scale up to influence the culture among entire populations.
relatable ways could do much to foster a culture that promotes entrepreneurship. Partner to encourage active engagement in start-ups as employees and as founders.
Individual attitudes and skills can be influenced effectively by direct experience in a start-up environment, for example through internship programmes or employment opportunities.
79%say that it is difficult to start one's own business due to a lack of available financial support. 65 48%think it is very important to help private investors unlock capital in Europe
Moreover, connecting actors to improve access to capital is of key importance to enable progress towards a more transparent, single European market for risk finance.
and find new models of co-investment by complementary resources in order to improve capital supply. European states have shown massive engagement to support entrepreneurship.
Co-investment models, both those enabling the state Fostering Innovation-driven Entrepreneurship in Europe 47 to join hands with private actors to top up investments
and those making it possible for private actors to join forces to support entrepreneurship, can have multiplier effects.
Investments in pan-European fund structures support the above-mentioned development towards a European single market for risk finance.
Connecting and partnering to help entrepreneurs scale up Only 31%of companies have an unbroken record of revenue growth in years two to five of their existence. 66 Furthermore,
There will be an interesting tier of companies who are not in a position to create their own accelerator or incubator;
while start-ups need a way to access them to provide them with goods and services.
They conduct experiments on how to realize specific opportunities to step up collaboration between entrepreneurs and large corporations
The overwhelming majority of respondents (87%)say they would personally support initiatives in their countries ranging from educational support to financing opportunities for prospective entrepreneurs.
compared with 56%of those who currently run their own ventures. While 55%of respondents say they would be willing to provide mentoring to new founders,
and 46%say they would be willing to provide more opportunities for potential entrepreneurs to obtain practical experience in an innovative business or start-up.
The key to success of this agenda is mobilizing stakeholders who are willing to promote it in multiple contexts.
the World Economic Forum is working with constituents to create momentum for the agenda among various stakeholders across Europe.
Personally, to Foster Entrepreneurship I Would be Willing to Engage in the Following Action This Year(%of respondents;
World Economic Forum European Survey on Fostering Innovation-driven Entrepreneurship 2014 27 28 43 2831 55 464952 Improving access to tools and training
on how to partner between large businesses and entrepreneurial ventures Creating more transparency about what new ventures and established businesses are looking for in terms of potential partners Creating more opportunities for entrepreneurs
and large businesses to network Helping private investors"unlock"capital in Europe and direct it towards venture markets Supporting entrepreneurs to access skilled employees to join their ventures Providing mentoring to new founders Providing more opportunities for potential entrepreneurs to obtain practical experience in an innovative business
or start-up Tailoring the education curricula in schools and universities to focus on the skills that entrepreneurs require Raising awareness of entrepreneurial success stories
that potential entrepreneurs can relate to and be inspired by Start up Scale up Stand up 48 Enhancing Europe's Competitiveness We should complement policy frameworks with grassroots-driven initiatives.
and share that being an entrepreneur is a great opportunity. Global Shapers Hub, Torino Every young person should attend at least one action-driven entrepreneurship class during their education.
Global Shapers Hub, Geneva Quotes from Global Shapers on the European Agenda Fostering Innovation-driven Entrepreneurship in Europe 49 Innovation-driven entrepreneurship in Europe depends in large
part on how well we can prepare this generation of digital natives to turn their ideas into action.
It starts from a very young age Entrepreneurship is not just a mindset, it is a set of important skills
The research shows how critical it is to expose them early on to this opportunity. Caroline Jenner, Chief executive officer, Junior Achievement-Young Enterprise (JA-YE) Europe Various forms of women-led economic activity are important to the growth agenda.
But the greatest impact could be delivered by increasing the number of womenfunded and women-led high-growth enterprises.
To this end public funds could be used to to leverage private funds and create innovative funding schemes such as women-friendly SME financing facilities,
microfinance institutions, venture capital funds and innovation grants all linked to business mentoring and training of substantial scale and availability for women entrepreneurs who want to take their companies to European markets and beyonds.
Daria Golebiowska-Tataj, Executive Member, Governing board, European Institute of Innovation and Technology We need to work on connecting the dots in Europe to foster entrepreneurship.
Jimmy wales, Founder and Chair Emeritus, Board of trustees, Wikimedia Foundation We need to rethink education of the next generation of entrepreneurs to encourage market-generating innovation as a basis for sustainable economic growth.
A Look ahead Opinion Pieces on the Future of Innovation 50 Enhancing Europe's Competitiveness Fostering Innovation-driven Entrepreneurship in Europe 51 Section Five:
the benchmarks for successful entrepreneurial ecosystems and innovation hubs tend to be Silicon valley and Tel aviv.
what is perceived currently as leading practice in innovation and entrepreneurship, and consider the forces that might shape the future of governments and corporations in terms of innovation.
European stakeholders must prepare for new public and private-sector activities that will unleash future waves of innovation.
as an example, how the advent of the sharing economy (in the form of Airbnb and Uber) is challenging government
This section therefore presents two forward-looking pieces by leading academics to highlight how the public and private sectors might change their organizational forms as well as relationships to new ideas to fulfil the demand for continued growth and productivity
in European economies. Understanding, anticipating and shaping these shifts will be critical to ensuring that Europe prepares ecosystems ready for the next decade of breakthrough innovation.
will driven Innovation Entrepreneurship Change the Potential and Impact of Government Resources? Bruno Lanvin, Executive director, European Competitiveness Initiative, INSEAD Observers of Europe's history have noted often that,
Today, with the need to invest in innovative economies and innovative governments higher than ever,
and protected in a digital environment. Efforts to share governmentowned data intelligently can also help in this respect:
which central and local governments offer access to their data on traffic, criminality or available services, for example) and opengov (in
and feel more comfortable about trusting their own government authorities in a digital environment. Back-burners:
governments need strong support from various stakeholder communities (including business and civil society), because the duration of the policies required will exceed often that of their electoral mandate.
businesses and citizens would best fit in a future global knowledge economy. For example, a key issue to be considered in such a context is that of talent:
how much will need Europe (today and tomorrow) in terms of entrepreneurship, innovation and leadership skills, but also of dynamic cross-sectoral re-skilling?
Here again, the examples of Nordic countries (and especially Finland) show how European education systems can be tuned better to global competition,
but they have at hand a whole panoply of new tools to foster, lead and even incarnate innovation and entrepreneurship.
As engines of economic growth, innovation and technological progress, they have brought much good to humanity. But as the financial crisis of 2008 has demonstrated,
a change of external relationships between traditional and nontraditional stakeholders and the environment, and a change of outlook among the top management.
In 2030, the world's largest corporations are those that harness Swarm Economics, with hundreds of thousands of individuals coming together to solve the highest value problems,
nurture and harvest participatory business models, with benefits ranging from supply chain savings to local economic inclusiveness.
From Fortress Firms to Cambrian Corporations Mark Esposito, Associate professor of Business and Economics, Grenoble Graduate school of Business, France,
and Instructor, Harvard university Extension School, USA Olaf Groth, Professor for Global Strategy, Innovation, Management and Economics, HULT International Business school, USA Fostering Innovation-driven
Entrepreneurship in Europe 53 The transition to this scenario has occurred in two phases. First, between 2014 and 2020, large multinationals have come under increasing pressure to embrace smaller, emerging clusters of innovators.
This has continued the trend of large, developing economy multinationals finding advantage in harvesting opportunities in diverse parts and corners of their economies.
At first, new forms of communication and coordination meant that the benefits of acquisition outweighed the challenges of organizational complexity,
specialist challengers, yet found it increasingly hard to justify the cost or complexity of absorbing new ventures.
markets and stakeholders as a Coral reef consisting of diverse pockets of opportunity. Such organizations have mastered the ability to spark,
both pull and push factors from the current environment are creating an impetus for future organizations to master the ability to innovate across disciplines and domains.
economic and technological changes that characterize the business environment for multinationals and SMES alike, organizations that are able to innovate cooperatively amid contextual changes will be most likely to minimize resistance
They would be able to minimize the three critical types of risk in any new venture:
and reap the benefits of new sources of growth in an increasingly volatile and uncertain environment,
These capabilities trump more pure-play, exclusionary and reductive analytical approaches and preoccupations with overly-linear thinking and analysis. The Cambrian enterprise system must be set up so as to continuously scan Coral reefs of relationships, niches,
and qualify new ventures for disruptive value creation, feasibility and scalability. To achieve this, organizations will need to configure themselves in nodal patterns of many smaller project or programme entities solving discrete problems with the help of external networks and communities of different types in different areas of the Coral reef
Meanwhile, Cambrian Corporations need to remain closely connected with their stakeholders and broader society. New social and economic challenges will emerge,
and economic opportunity interact with shifts such as cloud computing, social networking, the internet of things, synthetic biology, the makers movement and advanced manufacturing.
energy, communication, finance and human networks, they will spark a myriad of issues for societies to address.
as well as opportunities to create positive externalities by solving problems. Due to the uncertainty and complexity of these convergence spaces, expansion by corporations into these spaces is likely to happen in a nonlinear fashion.
misalignment and realignment between these corporations with other sets of stakeholders that are contributing to
or are impacted by convergence issues. 54 Enhancing Europe's Competitiveness Realizing scale economies will have to happen through shared infrastructure systems with other corporations
decentralized and allowed to grow where problems, solutions and potential profits pop. To realize those Fast Emerging Profits,
the Cambrian Corporation would need to govern itself in such a way that agility, sensing and capacity for pivots at speed are the overriding organizational design goals.
The Cambrian Corporation will require a business model that creates incentives, assigns roles, creates value and distributes payoffs.
Formal long-term employment contracts between individuals and corporations would become investment relationships in which individuals dedicate capacity and skills in a corporate ecosystem.
In turn, corporations will invest in co-learning/co-creation environments and competency development for project-focused networks and communities.
The achievement of scale economies across these different parts of the Coral reef and the different convergence spaces will be highly challenging and non-trivial.
and capturing value from new economic activity. The future shape of the global corporation will require a redefinition of
In this way, problem stakeholders can become solution co-innovators in a sustained fashion and the role of the corporation will have morphed from one of an agent of volatility to that of an agent of stability.
Fostering Innovation-driven Entrepreneurship in Europe 55 Conclusion Over the course of 2013 and 2014, the Forum's Fostering Innovation-driven Entrepreneurship in Europe project has drawn on survey data, structured interviews,
1. Fostering innovation-driven entrepreneurship in Europe requires a comprehensive view of the entire entrepreneurial life cycle,
Policy-makers, business leaders and civil society actors can help support entrepreneurs by taking a nuanced approach to understanding the different phases of a new venture,
business leaders and individuals are motivated significantly to improve the conditions for entrepreneurship in Europe that can
individuals and organizations across many sectors are motivated highly to do more to support innovation-driven ventures in Europe.
Stakeholders should tap into this motivation at scale to create the most supportive environment possible for each life cycle phase,
and inclusiveness of entrepreneurial activities and inspire many more serial entrepreneurs in Europe. 3. To more effectively and efficiently support innovation-driven entrepreneurship in Europe,
stakeholders need to focus, connect and partner, creating greater transparency and increasing collaborations across sectors.
and other actors interested in improving entrepreneurial environments. 4. Supporting the innovations of today in isolated sectors is not enough Europe needs to create ecosystems that will support innovations emerging in unconventional ways across government and business.
A look towards the future reveals that optimizing Europe's supporting environment for entrepreneurship and innovation today is not enough.
European stakeholders must be prepared to harness these shifts, rather than block them, to ensure that Europe regains its position at the innovation frontier
connect and partner on innovation-driven entrepreneurship, the World Economic Forum will take this research further in the form of a new project focusing on Open Innovation Ecosystems.
please email europeentrepreneurship@weforum. org. 56 Enhancing Europe's Competitiveness Endnotes 1. The entrepreneurial life cycle is defined here as including the factors influencing an individual to turn an idea into economic activity or join a start-up as an employee,
and the factors related to the successful growth of a venture. 2. It is important to note that both entrepreneurship
Cyprus, Greece, Italy, Malta, Portugal, Spain. 4. United nations Economic commission for europe (2012), Fostering innovative entrepreneurship Challenges and Policy Options. 5. http://ec. europa
. eu/enterprise/policies/sme/facts-figures-analysis/.6. EIM Business & Policy Research (2011), Do SMES create more and better jobs?
Just 17.3%of young Europeans believe there are good business opportunities available and that they have the skills
%http://www. gemconsortium. org/news/783/europe%E2%80%99s-young-people-fear-business failure-and-lack-of-startup-skills
GEM Consortium (2013), Global Entrepreneurship Monitor. 15. Diedrichs, E. 2013), Do SMES lose their appetite for innovation during the economic crisis?
Blog on Innovationmanagement. se. 16. Stam, E. et al. 2012), Ambitious Entrepreneurship A Review of the academic literature and new directions for public policy, Report for the Advisory Council for Science and Technology Policy (AWT) and the Flemish Council for Science
and Innovation (VRWI. 17. Junior Achievement (JA) Sweden and Stockholm School of economics (2011), Practice Makes Perfect?
European commission (2013), Entrepreneurship 2020 Action Plan, Reigniting the entrepreneurial spirit in Europe. 19. European commission (2012), Entrepreneurship in the EU and beyond, Flash Barometer 354, http://ec. europa. eu/public opinion/flash/fl 354 en. pdf. 20. http://www. mentorsme. co
. uk/.21. http://enternships. com/.22. https://www. founders4schools. org. uk/.23. http://www. campus-party. eu, leweb. co,
Eurydice (2012), Entrepreneurship Education at School in Europe. Fostering Innovation-driven Entrepreneurship in Europe 57 32. http://ec. europa. eu/cip/eip/.
/33. European commission (2011), Business Dynamics: Start-ups, Business Transfers and Bankruptcy, p. 57.34. Eurostat statistics on EU companies by size segment. 35.
OECD (2013), Entrepreneurship at a Glance. 36. Office for statistics Berlin (2012; KKR (2013), Digitalization in Europe Unlocking Europe's Entrepreneurial Potential. 37.
EVCA (2012), Pan-European Private Equity Performance Benchmarks Study, p. 4. 38. Interview with Luis Galveias, Director of Secretariat, EBAN;
however, require stronger early seed-stage funding as pointed out in Salido, Sabás and Freixas (2013), The Accelerator and Incubator Ecosystem in Europe, Telefonica, p. 2. 41.
See the policy recommendations of the recent report Salido, Sabás and Freixas (2013), The Accelerator and Incubator Ecosystem in Europe, Telefonica. 43.
Massolution. com (2013), The Crowdfunding Industry Report. 46. Interview with Karen E. Wilson, Senior Fellow, Bruegel,
and highlights opportunities to collaborate and challenges of collaboration from an entrepreneurial perspective. 52. Dugan and Gabriel (2013), Special forces Innovation:
Case study provided by Jean-Marc Frangos, Managing director, External Innovation, BT Technology, Services and Operations. 58.
New york times (2013), Google Ventures Stresses the Science of the Deal, not the Art of the Deal. 61.
Branding and Communications Director, DSM Innovation Center. 63. Case study provided by Thomas Müller-Kirschbaum, Corporate Senior vice-president, Research & development/Sustainability, Henkel. 64.
Entrepreneurship in the EU and beyond. 66. Foster, G. et al. 2011), Global Entrepreneurship and the Successful Growth Strategies of Early-Stage Companies, World Economic Forum. 67.
Johnston, S b. 2011), Where Good Ideas Come From, Riverhead Trade. 68. WIPO (2013), World Intellectual Property Indicators-2013 Edition. 69.
many influential publications on the subject of entrepreneurship have been published. The World Economic Forum has been addressing entrepreneurial ecosystems in several interactive formats and reports.
These include the reports Global Entrepreneurship and Successful Growth Strategies of Early-Stage Companies (2011) and Entrepreneurial Ecosystems Around the Globe and Company Growth Dynamics (2013),
opportunities and measures to improve entrepreneurship education. Work on specific regions includes Accelerating Entrepreneurship in the Arab World,
which highlights 10 recommendations to promote vibrant entrepreneurial ecosystems across the region. At the European level, the Start-up Manifesto of the Leaders Club of European Entrepreneurs, created by the Vice-president of the European commission, Neelie Kroes
Finally, the following reports give a deeper understanding of the entrepreneurial environment in Europe: Adecco, INSEAD, Human Capital Leadership Institute (2013), Global Talent Competitiveness Index Barclays report, written by The Economist Intelligence Unit (2014), Start me up:
Creating Britain's entrepreneurial ecosystem Chesbrough (2006), Open Business models: How to Thrive in the New Innovation Landscape, Harvard Business school Press Cornell University, INSEAD, World Intellectual Property Organization (2013), The Global Innovation Index European commission (2012), Entrepreneurship
in the EU and Beyond, available at: http://ec. europa. eu/public opinion/flash/fl 354 en. pdf European commission (2013), Entrepreneurship 2020 Action Plan, Reigniting the entrepreneurial spirit in Europe, available at:
http://eur-lex. europa. eu/Lexuriserv/Lexuriserv. do? uri=COM: 2012: 0795: FIN: EN: PDF Foundation for Entrepreneurship Young Enterprise Denmark (2013), Impact of Entrepreneurship Education in Denmark 2013 INSEAD, World Economic Forum (2013), The Global Information technology Report
Johansen (2006), Experiences from Participation in JA-YE Company Programmes, Eastern Norway Research Institute OECD (2011), Financing High-Growth Firms:
The Role of Angel Investors, OECD Publishing Tjan, Harrington and Hsieh (2012), Heart, Smarts, Guts, and Luck:
Papers, No. 9 Fostering Innovation-driven Entrepreneurship in Europe 59 Acknowledgements Adviser and Knowledge Partner:
Young Global Leader Kumardev Chatterjee, Founder and President, European Young Innovators Forum, Belgium Start up Supporting the establishment and initial expansion of Innovation-driven Ventures
Young Global Leader Paul Campbell, Chief executive officer, Start-up Genie, USA Cross-report contributors Olaf Groth, Professor for Global Strategy, Innovation, Management and Economics
, HULT International Business school, USA Mark Esposito, Associate professor of Business and Economics, Grenoble Graduate school of Business, France,
and Instructor, Harvard university Extension School, USA Survey partners JA-YE Europe Caroline Jenner, Chief executive officer Elina Konstantinou, Director of Communications Elena Tosheva, President, JA
, Senior vice-president, Global Head, Group Communications Barclays Antony Jenkins, Group Chief executive Derek White, Chief Design Officer Arian Lewis, Director, Partnerships BT
Gavin Patterson, Chief executive officer Jean-Marc Frangos, Managing director, External Innovation, BT Technology, Services and Operations European Institute of technology Daria Golebiowska-Tataj, Executive Board member
European Private Equity and Venture capital Association Dörte Höppner Secretary-general Cornelius Müller, Head of Research Henkel Kasper Rorsted, Chief executive officer Thomas Müller-Kirschbaum, Corporate Senior vice-president, Research & development/Sustainability Marc-Steffen Schiedel, Senior
Center Telefonica José María Álvarez-Pallete López, Chief operating officer Javier Santiso, Director, Innovation Funds, Venture and Growth Capital 60 Enhancing Europe's Competitiveness The World
Economic Forum gratefully acknowledges the contributions to the European Agenda to Foster Innovation-driven Entrepreneurship by the Global Shapers Hubs in Brussels
Member, Executive Committee, Royal Philips, Netherlands Annette Beck, Senior Director, Entrepreneurship, Ewing Marion Kauffman Foundation, USA Jean-Claude Burgelman, Head
Faxander, President and Chief executive officer, Sandvik, Sweden Blair L. Fortner, Global Chief Economist, Monsanto Company, USA Hamish Forsyth
, USA Vianney Hennes, Director, Brussels Office, Orange Stephan Howeg, Senior vice-president, Global Head, Group Communications, Adecco Group, Switzerland Tim Hunt, Principal
Kirby, Managing director, Qualcomm Ventures, United kingdom Karl-Ludwig Kley, Chairman of the Executive Board, Merck, Germany Neelie Kroes, Vice-president and Commissioner for the Digital Agenda, European commission, Brussels;
Co-Chair of the Governors for Information and Communication Technologies Industries 2013 Bruno Lanvin, Executive director, IECI, INSEAD, France Henrik Sass Larsen, Minister for Business and Growth
Communication Networks, Content and Technology, Belgium António Pires de Lima, Minister of Economy of Portugal Benoit Potier, Chairman and Chief executive officer, Air liquide, France Subramanian Rangan
Young Global Leader Luis Alvarez Satorre, Chief executive officer, Global Services, BT, United kingdom Tobias Schmidtke, Senior Consultant, A t. Kearney, Germany Bohuslav Sobotka
, Prime minister of the Czech republic Fridolin Stary, Head, Group R&d, Wacker Chemie, Germany Terence Tse, Associate professor, ESCP Europe, United kingdom Matthias Ummenhofer, Head, Venture capital
, European Investment Fund, Luxembourg Fostering Innovation-driven Entrepreneurship in Europe 61 Jeroen Van der veer, Executive Member of the Governing board, European Institute of Innovation and Technology, Hungary;
Cofounder and Vice-president, European and Legal Affairs, European Young Innovators Forum, Belgium The project team expresses its gratitude to the Forum's Global Agenda Council on Fostering Entrepreneurship and Global Agenda
Global Agenda Council on Fostering Entrepreneurship Virginia Cha, Chief, Research and Innovation, Institute of Systems science, National University of Singapore, Singapore Hongbo Chen, Vice-Dean
and Dhirubhai Ambani Fellow in Entrepreneurship, Stanford Graduate school of Business USA Habib Haddad, Chief executive officer, Wamda, United arab emirates Jian Han, Associate professor of Management;
Co-Director, Centre on China Innovation, China Europe International Business school (CEIBS), People's republic of china Krisztina Z Holly, Adviser, National Advisory Council for Innovation and Entrepreneurship
, USA Daniel Isenberg, Professor of Entrepreneurship Practice, Babson Executive Education, Babson college, USA Guriqbal Singh Jaiya, Director-Adviser, Innovation and Technology Sector, World
and Technology Entrepreneurship Development Board, Department of Science and Technology, Government of India Allon Raiz, Chief executive officer, Raizcorp, South africa Linda Rottenberg
Cofounder and Chief executive officer, Endeavor, USA Thom Ruhe, Vice-president, Entrepreneurship, Ewing Marion Kauffman Foundation, USA Phanindra Sama, Chief executive officer, Pilani Soft Labs Pvt.
-General, Directorate-General for Enterprise and Industry, European commission, Brussels Ding Chun, Dean, Centre for European Studies, Fudan University, People's republic of china M. Willem van Eeghen
Lead Economist, Office of the Chief Economist for the Europe and Central asia Region, World bank, WASHINGTON DC Maria Fanjul, Chief executive officer, entradas. com, Spain Charles Grant, Director, Centre
ESADEGEO-Center for Global economy and Geopolitics, Spain Mark Spelman, Global Managing director, Accenture, United kingdom Pawel Swieboda, President, demoseuropa-Centre for European Strategy Foundation, Poland
-driven Entrepreneurship in Europe 63 Project Team The project team Enhancing European Competitiveness: Fostering Innovation-driven Entrepreneurship in Europe includes the following individuals at the World Economic Forum (in alphabetical order:
Nicholas Davis, Director, Head of Europe Caroline Galvan, Economist, Global Competitiveness and Benchmarking Network Peter Gratzke, Senior Project Associate, Investors Industries Team Thorsten
Jelinek, Associate Director, Europe Membership Annika Kiessler, Senior Manager and Global Leadership Fellow, Europe Team Melih Nurluel, Associate Director and Global Leadership
Project Manager, Enhancing European Competitiveness, Fostering Innovation-driven Entrepreneurship in Europe, and Management consultant, A t. Kearney Editing Ann Brady, Head of Editing, World Economic Forum Fabienne Stassen, Editor Proof Creative Floris Landi, Graphic Designer
Incorporated as a not-for-profit foundation in 1971 and headquartered in Geneva, Switzerland, the Forum is independent,
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